If this is correct the 3 wave B is finished or close to being finished today. One more high would not be a problem as the 100ma and Upper BB are both around 389-391 on SPY. Personally I think this may be a bull trap with a C coming before the bigger move up into the end of the year.
Today could continue the rally, to further convince bulls and bears that the trend has changed and we are going higher, but the MA's/BB resistance tell me otherwise. Good luck!
Today could continue the rally, to further convince bulls and bears that the trend has changed and we are going higher, but the MA's/BB resistance tell me otherwise. Good luck!
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SPY larger picture -
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Vix at horizontal support and very close to lower BB at 22.5
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Pitchfork Fib reached along with 18weekly ma, 100 daily ma and Daily BB
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SPX reached trendline structure with hidden bear divergence on the 4hr time frame.
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VIX daily bull divergence
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qqq to horizontal resistance and pitchfork fib line.
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Update - No pullback on SPY, so as of now I'm going to wait and see if they can get it up to the 200ma. If so, We are likely in a C wave up to 407 area, and maybe farther fill the first gap on spy.
